Charles River Development Achieves 8th Consecutive Year of Revenue Growth
Results reflect significant long-term investment in products and services.
Boston, London, Melbourne, New York, Paris, Singapore and Tokyo — January 13, 2009 — Charles River Development (Charles River), an award-winning provider of financial software and services to the global investment management community, today announced that 2008 was the firm’s eighth consecutive year of revenue growth. These results reflect Charles River’s consistent focus on meeting market demands through substantial R&D investment in the Charles River Investment Management System (Charles River IMS) – its multi-currency, multi-asset class front- and middle-office software suite.
“Now more than ever, investment managers need to leverage technology and services to ‘do more with less,’” said Peter Lambertus, President and Chief Executive Officer, Charles River Development. “As a privately-held company, we have continually made long-term investments in products and services that add value for our clients. For example, this year, we delivered new and enhanced functionality for managing and trading complex instruments, handling increased trade volumes and complying with new global and local regulatory requirements.”
Broadening its global footprint, Charles River added 42 new clients in 2008 – for a total of 312 buy-side firms worldwide – including leading government agencies and investment management firms in fast-growing markets such as Brazil, China, Korea, Malaysia, and South Africa. In addition, as market conditions force buy-side firms to scrutinize budgets and optimize operations, over two dozen client firms – including 9 new clients – now leverage Charles River’s Application Management solutions to benefit from Charles River IMS at a lower cost of ownership.
2008 highlights include:
•Completed 38 client implementations that went live.
•Added 15 major expansions of new divisions/groups with existing clients.
•Released Charles River IMS Version 8.2 with: enhanced support for derivatives and fixed income instruments, integrated real-time market data, enhanced TCA capabilities, expanded execution management functionality, and more.
•Created interfaces with leading providers, including: Aqua, BIDS, Bloomberg, CIBC World Markets, Instinet, Omgeo and Tradeweb.
•Expanded the Charles River FIX Network to over 400 certified brokers and more than 3,200 broker-client connections.
•Opened new, state-of-the art training facilities in London and Boston.
•Expanded EMEA headquarters in London.
•Received “Best Integrated Front-Office Platform” and “Best Buy-Side OMS” from Buy-Side Technology 2008 and “Best Buy-Side OMS” from Trade Tech 2008.
About Charles River Development
Charles River Development is an award-winning provider of technology systems and services to over 310 investment firms in the institutional, mutual fund, banking, hedge fund, wealth management, insurance and pension industries. The Charles River Investment Management System is a comprehensive front- and middle-office software suite for all asset classes that includes: Charles River Manager for portfolio management and modeling; Charles River Trader for order management and electronic trading; Charles River Compliance for real-time pre-trade and end-of-day compliance; and Charles River Post-Trade for the centralized management of trade matching, confirmation, and settlement workflow. The system incorporates global real-time electronic trading via FIX (Financial Information eXchange) through the Charles River Network, a broker-neutral financial network that is fully integrated with Charles River IMS.
Charles River IMS features a modern, proven, N-Tier service oriented architecture (SOA) that is highly scalable and supports continuous 24x7 operations. Message-based APIs and exposed Web Services facilitate rapid systems integration.
The company also offers implementation, application management services and hosting. Founded in 1984, Charles River maintains headquarters in Boston and primary offices in London, Melbourne, New York, Paris, Singapore and Tokyo.
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